In a report released today, Yun Zhong from Wedbush maintained a Buy rating on Ascendis Pharma, with a price target of $220.00.
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Yun Zhong’s rating is based on the belief that Ascendis Pharma’s Yorvipath holds a strong competitive position in the hypoparathyroidism market. The recent data from MBX Biosciences’ Phase 2 study on canvuparatide, a potential competitor, does not appear to pose a significant threat to Yorvipath. Although the responder rates for canvuparatide were comparable to Yorvipath, the statistical significance was relatively low due to a high placebo response rate, which raises questions about its efficacy.
Moreover, the safety profile of canvuparatide is concerning, with higher adverse event rates, including hypercalcemia, compared to the placebo. This could impact patient adoption negatively. The lack of clarity on the dose to be used in MBX’s planned Phase 3 study further diminishes the competitive threat to Yorvipath. Overall, the combination of Yorvipath’s efficacy, safety, and the uncertainties surrounding canvuparatide supports Yun Zhong’s Buy rating for Ascendis Pharma.
In another report released on September 15, Bank of America Securities also maintained a Buy rating on the stock with a $230.00 price target.